TOKYO: Tokyo-based AIJ Investment Advisors lost US$1.3bil in bad bets on equity and bond derivatives, losing the bulk of the pension funds it was managing, Japan's financial regulator said after stripping the firm of its registration.
The Financial Services Agency (FSA) said that AIJ, whose offices were earlier raided by the Securities and Exchange Surveillance Commission (SESC), was unable to account for most of the US$2.4bil assets under its management and had falsified its report to investors to cover up its losses in one of the biggest scandals of its kind in Japan.
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